WASHINGTON - U.S. House and Senate Democratic leaders Monday said U.S. President George Bush's 2009 budget continued "failed policies" that "weakened our economic security."

Bush released his $3 trillion budget document, which he said would lead to a balanced budget by 2012.

"President Bush's final budget is simply a continuation of failed policies that have created dangerous deficits and debt, while at the same time decreasing critical investments in our nation's future," House Majority Leader Steny Hoyer, D-Md., said in a statement.

The 2008 deficit is projected to be $410 billion, or 2.9 percent of gross domestic product, and the 2009 deficit is projected to be $407 billion, or 2.7 percent of gross domestic product.

"Despite my deep concerns with the president's budget, I am hopeful that we can build on our success with a bipartisan economic stimulus and find areas of agreement," Hoyer said.

Senate Majority Leader Harry Reid, D-Nev., said in a statement the latest Bush budget is no different from his others, which "have weakened our economic security."

"In the face of a looming recession, the president's budget does nothing to strengthen our economy and fails to respond to the real problems facing middle-class families," Reid said.